6 Tips to Help Your Small Business Pocket Extra Money
Running a small business is tough. It can take up to 2 years to be running at a decent pace and somewhere around 5 years to really get going. In the meantime, this can present cash flow problems and other challenges.
To pocket extra money means searching for ways to improve productivity and monetize every opportunity available. The following 6 tips can give you insight into how to help you put some extra cash into your wallet.
Go Mobile
Mobile presence is key for small business owners. A website, apps, and social media are almost required to stay in the game. Apps can quickly spread the word about the business and improve customer service. To make money from those apps is the icing on the cake. Try advertising or going towards a subscription model. Don’t worry about alienating customers. Keep the fees small at first but provide incentives to become a paid subscriber to generate interest.
Know Your (Cash) Flow
The right cash flow can be a boon for small businesses. However, the use of tools to create this cash flow can be a challenge. To move from clients to payments and keep suppliers in the loop takes some maneuvering. Crunch the numbers on small business loans. If interest is too high, it can shoot down any opportunity for it to help the business make money later. Shop around for deals. Don’t sign on the dotted line until you feel certain about where the cash is coming from (and where it is going).
Time is Money
Time and effort equal big bucks over time. Don’t waste either on business plans or opportunities that don’t equate with the mission and vision of the company you started. Be strategic and you won’t expend it doing things that hurt the business. Strategy in business is about time management. Know how to earn big money now versus later and how to strike while the iron is hot (without getting burned).
Project the Trends
It may be hard to see now, but trends have an ebb and flow. To make more money this year, it is important to know where things are headed in your industry. If you haven’t had time to research it, hire an intern or volunteer. Ask a friend in the business to sit down and mentor you through some of the projected trends. Have them share insights and challenges they faced while also looking ahead to the future. All eyes should be on growth and opportunity, but don’t lose sight of making sure customers are satisfied along the way. Trends come and go but you want to be sure to focus on your business plan the whole way through.
Web Design Matters
People are pickier than ever. They want to see a top-notch design in a webpage from the start. If your small business is not easy to interact with or leaves them wanting information hidden under buttons and pop-ups, you’ll lose customers fast. User-friendly design provides a few components:
- Responsive design means the page should load and display on the correct screen. If a person views the site on a laptop, they should be able to navigate it as freely as if they were on a smartphone or tablet. This also improves SEO ranking as Google gives preferences to mobile-friendly sites
- A one-second delay can decrease page views by 11 percent. Increase that by running tests to make sure the site is loading and functioning at optimal speed
- Clear, concise content is going to attract people. Keep copy simple, short, and effective. If people can quickly find the information they want, they’ll be more likely to do business with them than it was harder to locate
- Use palatable colors. Go easy on the eyes and grab their attention with contrasting elements but don’t overwhelm with too much color that deters them from the content
Make Better Offers
To convert more customers for business, make offers that are attractive. When you know your customers inside and out, you can create better conversion rates for your business. Moreover, you might consider hiring someone to strategize marketing ideas and conversion points to help bring people in the door and upsell them on other items or content later. Introductory offers and anything with ‘free’ attached often grab people’s attention up front.
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